Insurance Module

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When considering disability plans, look for a plan that covers ____________ of your income.

65%

Co-payment

A fixed amount you pay for a covered health care service after you've paid your deductible

Will

A legally enforceable declaration of how a person wishes his or her property to be distributed after death

What does having 80/20 coverage mean?

After a deductible has been paid, insurance pays 80% and you pay 20%

Deductible

Amount you must pay before you begin receiving any benefits from your insurance company

Coverage

Applies to the amount of protection you have through an insurance company in the event of a loss

Which of the following should be covered by renter's insurance? A. a friend breaks your laptop while inside your apartment B. Your refrigerator stops working and your food goes bad C. A flood occurs and damages all your furniture D. You receive a parking ticket for parking in the fire lane

C.

Which of the following plans include a savings plan as a part of the insurance? A. Whole Life B. Universal Life C. Variable Universal Life D. All of the above

D.

Which of these options is NOT a type of insurance? A. Life B. Homeowner's C. Long-term care D. Educational

D.

Policy

Describes the type of coverage in an insurance agreement Premium: Amount you pay monthly, quarterly, semiannually, or annually to purchase different types of insurance

___________ insurance is designed to replace income that is lost due to short-term or long-term disability.

Disability

Insurance companies often use your ______________ to convince you to buy.

Emotions

True or False: Health insurance is optional

False

True or False: If you're renting a house or apartment, you only need renter's insurance for the first few months.

False

True or False: It is cheaper to buy long-term disability insurance from the open market than from your employer.

False

True or False: It's a good idea to decrease your maximum pay.

False

True or False: Life insurance is a permanent need.

False

True or False: Life insurance is designed to pay off all your debt at the time of your death.

False

True or False: Pre-paid burial policies are a great purchase for any adult.

False

True or False: You might consider dropping liability on your insurance coverage.

False

Moving assets into your name so that the government will pay for your aging parent's care is a _________ ______________.

Federal Crime

Premium

Financial cost of obtaining an insurance cover, paid as a lump sum or in installments during the duration of the policy

Homeowner's coverage should include ________________ replacement cost.

Guaranteed

To save money on your health insurance, you need to ____________ your deductible.

Increase

When shopping for insurance, use a(n) __________________ agent who shops a bunch of different companies to find the best rate for you.

Independent

You can keep car insurance rates low by:

Not filing claims for smaller repairs, instead pay cash

Claim

Paperwork filed with an insurance company in order to get them to cover a loss for someone they insure

One way to keep your car insurance rate low is to __________ your deductible.

Raise

When buying identity theft protection, make sure it includes ___________ services.

Restoration

The purpose of insurance is to transfer ____________________.

Risk

Out-of-pocket expense

Specific amount of money that you pay when insurance only covers a portion of costs

__________ life insurance is for a specific time period and is the cheapest way to buy life insurance.

Term

What is the most expensive time of your life?

The last six months

Policy Limit

The maximum benefit an insurance company will pay a policyholder if/when an insured event occurs.

Beneficiary

The recipient of assets passed on from the death of a friend or relative

Liability

The state or quality of being obligated according to law or equity

True or False: Identity theft is the fastest growing white-collar crime today.

True

True or False: If you are over 45 years old, you should get long-term care insurance.

True

True or False: If you don't understand it, don't buy it.

True

True or False: If you have a fully funded emergency fund, you might consider increasing your stop-loss.

True

True or False: If your plan coverage includes an extended replacement cost, you need to update your plan at least once per year.

True

True or False: In order to decide if you should raise your deductible, you should find out how long it will take to break even.

True

True or False: Long-term care insurance covers nursing homes, assisted living, and sometimes in-home care.

True

True or False: Nearly 60% of workers in the US have health insurance through their employers.

True

True or False: Taking a driver's education course can save you money on car insurance.

True

True or False: There are scams and gimmicks in the insurance world.

True

True or False: You have a 1 in 3 chance of becoming disabled for 6 months or more at some point in your life.

True

_______________ policies are a really good buy because they add extra protection to your home and automobile insurance.

Umbrella

Where can your identity be stolen?

Your mailbox The internet Your cell phone


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